Analysing the implications of cybersecurity breaches on firm leadership

Authors

DOI:

https://doi.org/10.15587/2706-5448.2023.286985

Keywords:

accounting firm, cybersecurity breaches, emotional impact, management, firm leaders, work stress

Abstract

The object of this research is the implications of cybersecurity breaches on the leaders of accounting firms in KwaZulu-Natal, South Africa. The research employed a qualitative approach with interviews as the primary data collection technique. The researcher adopted a rigorous analytical framework, utilising different scholarly sources to analyse and explain the intricate experiences of firm leaders. The study revealed that leaders of accounting firms experience psychological, financial, and social consequences due to cybersecurity breaches. It highlights the emotional impact, including anxiety and increased stress. The fear of potential job losses was found to be one issue leaders were worried about after the data breach. The stress from dealing with the aftermath of data breaches affected their family relationships. In addition, leaders experienced low productivity and increased pressure dealing with the media and organization stakeholders and the stigma associated with data breaches. Given the critical role that accounting firms play in the financial ecosystem and the sensitive nature of the data they handle, it is imperative that cybersecurity is prioritised. However, studies have focused on the financial implications of cybersecurity breaches on businesses, but less attention has been paid to the psychological, social, and financial implications of breaches on firm leaders. The findings are significant for academic discourse but also provide leaders with strategies to mitigate the adverse effects of breaches, while also offering a framework for other researchers and practitioners in different regions and sectors to understand and study the phenomenon further.

Author Biography

Alexander Oluka, Durban University of Technology

PhD

Department of Entrepreneurial and Management Studies

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Analysing the implications of cybersecurity breaches on firm leadership

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Published

2023-10-23

How to Cite

Oluka, A. (2023). Analysing the implications of cybersecurity breaches on firm leadership. Technology Audit and Production Reserves, 6(4(74), 20–26. https://doi.org/10.15587/2706-5448.2023.286985

Issue

Vol. 6 No. 4(74) (2023): Economics of enterprises. Macroeconomics

Section

Economics and Enterprise Management

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Copyright (c) 2023 Alexander Oluka

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